Western Areas (ASX:WSA) to raise $100 million to fund development

Company News

by Rachael Jones

Western Areas (ASX:WSA) is conducting a fully underwritten institutional placement to sophisticated, professional and institutional investors to raise $85 million.

Western Areas also intends to offer eligible shareholders the opportunity to participate in a Share Purchase Plan to raise up to $15 million which, together with the Placement, will raise up to approximately $100 million.

The equity raising is to fund the development of its Odysseus underground mine, advance its exploration portfolio and advance organic growth projects.

Western Areas (ASX:WSA) is currently in a trading halt, shares last traded at $2.34.